Skip to main content
  • 3. Direct Participants

    • 3.1. Direct Participants Admission

      SAMA may admit Direct Participants as members of the Service if in the opinion of SAMA they meet the qualifying criteria as defined by SAMA from time to time. A Direct Participant in the Service must be: 
       
       Participating in the Saudi Arabian Riyal Interbank Express System (RTGS).
       
       Maintaining a current AFAQ's account in accordance with SAMA's banking conditions.
       
       Complying with legal, supervisory, technical & operational requirements communicated by SAMA.
       
       Signatory to the Agreement of Participation in the Service.
       
    • 3.2. Suspension or Termination of Direct Participants

      On notice to a Direct Participant, SAMA may in its discretion suspend a Direct Participant temporarily or terminate a Direct Participant permanently (in each case with immediate effect or as otherwise prescribed in the notice) if the Direct Participant fails to comply with the qualifying criteria defined by SAMA from time to time or if the Direct Participant is, or states that it is, or SAMA reasonably suspects that it may be insolvent or if Direct Participant's relevant licence is revoked or if the Direct Participant fails to comply with these Operating Rules or if, in the good faith opinion of SAMA, the continued membership of the Direct Participant may prejudice the Service or the other Direct Participants or is undesirable.

    • 3.3. Withdrawal of Direct Participants

      Subject to receiving a prior written consent of SAMA, Direct Participant may withdraw from the Service upon serving written notice to SAMA within a period not falling less than thirty 30 days prior to the proposed withdrawal date.

    • 3.4. Obligations on Cessation

      In case of cessation, the Direct Participant will remain liable for all its accrued and accruing obligations under these Operating Rules. SAMA may give directions as it sees fit to give effect to the suspension, termination or withdrawal of the Direct Participant, including without limitation the surrender of its rights, software and materials in respect of the Service and the continued use or non-use of the Service.

    • 3.5. Notice

      SAMA will as soon as practicable give the other Direct Participants notice of changes to or suspensions of a Direct Participant.